The following table contains a supply schedule for a good. Price Quantity Supplied $10 100 $20...

 

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The following table contains a supply schedule for a good. Price Quantity Supplied $10 100 $20 Q1 If the law of supply applies to this good, then Q1 could be Answers: 150. а. b. 50. C. 0. d. 100. "Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded Answers: a, applies to most goods in the economy. b. is represented by a downward-sloping demand curve. is referred to as the law of demand. C. d. All of the above are correct. The supply of a good or service is determined by Answers: a, both those who buy and those who sell the good or service. b. those who buy the good or service. the government. C. d. those who sell the good or service. An increase in quantity demanded Answers: a. shifts the demand curve to the right. b. shifts the demand curve to the left. c results in a movement upward and to the left along a demand curve. d results in a movement downward and to the right along a demand curve. The following table contains a supply schedule for a good. Price Quantity Supplied $10 100 $20 Q1 If the law of supply applies to this good, then Q1 could be Answers: 150. а. b. 50. C. 0. d. 100. "Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded Answers: a, applies to most goods in the economy. b. is represented by a downward-sloping demand curve. is referred to as the law of demand. C. d. All of the above are correct. The supply of a good or service is determined by Answers: a, both those who buy and those who sell the good or service. b. those who buy the good or service. the government. C. d. those who sell the good or service. An increase in quantity demanded Answers: a. shifts the demand curve to the right. b. shifts the demand curve to the left. c results in a movement upward and to the left along a demand curve. d results in a movement downward and to the right along a demand curve.

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1 the law of supply It is an economic theory which states that keeping the other factors constant an increase in price will result in increase in quantity suppliedor in other words it can be understoo... View the full answer